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Justin Sun is one of the most famous personalities in the crypto landscape. He is an outspoken crypto advocate and founder of blockchain platform, Tron.
Tron is one of the leading cryptocurrencies by market cap. According to Binance, as of September 26, 2024 TRON is trading at $0.1524 and has a market capitalization of $13.20 billion, making it the eleventh largest cryptocurrency.
These metrics show the notable position this platform has in the industry. Tron is one of the most traded crypto pairs and shall remain so for the foreseeable future.
History And Operating Model
Sun founded the Tron Foundation in 2017 to oversee the development of the Tron ecosystem. Tron followed the mold of Ethereum by providing an enterprise blockchain for developers to create decentralized applications (dapps). TRX, the native token of TRON, serves as the native currency, with developers free to create other tokens on this robust chain.
Tron sought to improve on Ethereum’s accomplishments by adding a scalable virtual machine to the industry. The goal was to provide content creators with an efficient tool to create and monetize their content. Notably, TRX is now a separate coin and no longer an ERC-20 token as it was at the start.
One of Tron’s biggest achievements was the acquisition of file-sharing system Bittorrent. This acquisition affirmed Tron Foundation’s effort to brand itself as a champion of peer-to-peer networks. At the same time, Tron has taken over from Ethereum and hosts most USDT transfers.
In 2021, the TRON Decentralized Autonomous Organization (DAO) took over management of the platform. The Tron DAO ensures that users have more involvement in the running of the ecosystem, in line with decentralization ideals.
Tron has some functional differences from standard Ethereum features. For instance, it uses Delegated Proof of Stake (DPoS) which factors both staked TRX and the bandwidth changes from the validation activity to reward those who contribute to securing the ecosystem.
Sun’s Larger-Than-Life Personality
Sun is to Tron what Elon Musk is to Twitter. Both have a large personality and it is difficult to think of each platform as distinguishable from its face.
For instance, Sun jokingly proposed a fight night with Vitalik Buterin after a crypto gaming event in Singapore. This is remarkably similar to Musk’s challenge to Mark Zuckerberg for a boxing fight, which has never materialized to date.
The strategy works for Sun as he has a vibrant following online, which has crossed over into Tron’s following. Elon Musk is similarly influential in all the companies he runs and takes the primary publicity mantle for the companies. Sun himself operates from Grenada, which is more friendly to crypto than his native China.
The Big Picture
Tron has carved itself a niche as an exciting platform for mostly young developers creating on the ecosystem. Its competitive advantage of scalability and lower transaction fees has allowed it to compete favorably.
That said, this sector is competitive, with the likes of Solana there jostling for supremacy. Justin Sun continues to be one of the most prominent crypto advocates and his role will remain crucial for Tron’s public image.
